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09 September, 2017

After Neoliberalism, what next?

The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear. (Antonio Gramsci)

by Jayati Ghosh

Part 9 - International Framework

These are general points and obviously leave much to the specific contexts of individual countries and societies. But finally, we need an international economic framework that supports all this, which means more than just that capital flows must be controlled and regulated so that they do not destabilise these strategies.

The global institutions that form the organising framework for international trade, investment and production decisions need to change and become not only more democratic in structure but more genuinely democratic and people-oriented in spirit, intent and functioning. This is particularly the case with respect to the dissemination of knowledge, now privatised and concentrated thanks to the privileging of intellectual property rights. Financing for development and conservation of global resources must become the top priorities of the global economic institutions.

These proposals may seem like a tall order, but human history is replete with stories of major reversals of past trajectories and transformations that come when they are not expected and from directions that are unpredictable. What has been created and implemented by human agency can also be undone to bring in better alternatives. It may well be that the time is ripe in terms of greater social acceptance of such ideas and thoughts about how to refine and adapt them to particular contexts.

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[1] [2] [3] [4] [5] [6] [7] [8]

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